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API3

API3

API3 is a DAO-driven project to build dAPIs - fully decentralized, native blockchain APIs - that will be configured, managed, insured and monetized at scale with API3 DAO.

Smart contracts often try to access trusted data, but Application Programming Interfaces (APIs) are touted as a solution to this problem.

The stated goal of API3 is to allow decentralized versions of APIs to be created, managed, and monetized at any scale. As blockchain technology plays an increasing role in the economy – from decentralized finance to supply chain management – ​​the team behind this project says it has never been more important for smart contracts to provide “timely and reliable data from the real world.”

A white paper for API3 was submitted in September 2020 and outlined the main problem with the API at the moment: connectivity. Currently, smart contracts do not have the ability to establish a direct connection to the API to get the latest data, and this has led to an explosion in the popularity of oracles.

While this helped solve the problem to some extent, the industry has been grappling with the “blockchain oracle problem” ever since. Oracles are a form of middleware that sits between APIs and smart contracts, increasing costs and centralization. API3 intends to get around this problem by allowing API providers to manage their own nodes.

The API3 token was launched in early December after a token sale that raised tens of millions of dollars.

Three people teamed up to bring API3 to life. The first is Heikki Vanttinen, who has written extensively about the project and what it hopes to achieve. He previously served as the founder and CEO of CLC Group, a blockchain lab "developing real smart contract solutions for a more reliable, efficient and secure future." Vanttinen has also worked as a CMO for Zippie, a mobile operating system that aims to help blockchain technology become mainstream.

Burak Benligai joined Vanttinen. He also worked for the CLC Group as a technical director. Benligiray previously posted,highlighting the benefits of ChainAPI, which serves as an integration platform for API3. It has been described as a "spiritual successor" to Honeycomb, which was one of the innovations pursued by the CLC Group.

Last but not least, the third co-founder of API3 is Sasha Milic. In addition to working as a session lecturer at the University of Toronto, where she taught core curriculum for computer science students, she has also worked as a software engineer at Facebook and a data modeler at Gauntlet.

In the world of blockchain and crypto, we all too often hear about projects aiming to bring this technology to established industries such as real estate and finance. One of the most compelling attributes of API3 is how it aims to solve some of the problems that have arisen in the blockchain space itself.

APIs are critical because of how they feed off-chain data to blockchains – without them, these decentralized ledgers would have no idea how much coins should be worth.

In explaining why API3 is unique, Vanttinen explained how decentralized APIs can “provide superior data transparency all the way down to the actual data source layer compared to existing decentralized oracles that don’t consider the data source API to be their domain. solution."

A lightweight and robust middleware called Airnode was created to make API3 a reality, and the hallmarks of this tool are that it can be deployed in minutes, increase transparency, and significantly reduce transaction fees in the process.

AFI3 price today is ₽347.62 rubles. with a daily trading volume of ₽2,371,616,607 rubles. We update our API3 price for RUB in real time. API3 is down 38 years in the last 24 hours. The current CoinMarketCap rating is #297 with an income capitalization of ₽12,829,843,003. The circulating supply is 36,907,810 API3 coins and max. no offer.

As of January 2020, CoinMarketCap data shows that there are 13,847,549 API3 tokens in circulation, out of a maximum supply of 100 million tokens.

While 15 million tokens were distributed to pre- and seed investors, another 20 million tokens were reserved for a public token distribution event that took place during the first two weeks of December. The founding team was allocated 30 million tokens, of which 10 million went to partners and contributors. And finally, 25 million went to the Ecosystem Fund.

Tokens sold during the public sale are unlocked, but initial investors and founders have a period of two to three years.

API3 is an ERC-20 token, which means it is based on the Ethereum blockchain.

One of the most popular exchanges to purchase API3 includes Uniswap, where it is paired with Wrapped ETH. It is also available for UDST on Huobi Global and KuCoin and paired with ETH on OKEx and 1inch. Learn more about how to convert fiat currencies to cryptocurrencies in our handy guide.

What Is API3 (API3)?

Smart contracts often struggle to access dependable data, but application programming interfaces (APIs) have been touted as a solution to this problem.

API3’s stated goal is to allow decentralized versions of APIs to be built, managed and monetized at scales. As blockchain technology plays an ever bigger role in the economy — from decentralized finance to supply chain management — the team behind this project says it has never been more important for smart contracts to provide “timely, reliable real-world data.”

The whitepaper for API3 was unveiled in September 2020 and set out the main problem that’s associated with APIs at present: connectivity. At present, there’s no way for smart contracts to establish a direct connection with APIs for the latest data — and this has led to an explosion in the popularity of oracles.

Although this has helped solve the problem to some extent, the industry has since been grappling with the “Blockchain Oracle Problem.” Oracles are a form of middleware that sit in between APIs and smart contracts — increasing costs and centralization. API3 intends to get around this problem by enabling API providers to operate their very own nodes.

API3’s token went live at the start of December following on from a token sale that generated tens of millions of dollars.

Who Are the Founders of API3?

Three people have come together to bring API3 to life. The first is Heikki Vanttinen, who has written extensively about the project and what it hopes to achieve. He previously worked as founder and CEO at CLC Group, a blockchain lab “developing real-world connected smart contract solutions for a more trustless, efficient and secure future.” Vanttinen also served as chief marketing officer at Zippie, a mobile operating system that aims to help blockchain technology achieve mainstream adoption.

Vanttinen has been joined by Burak Benligiray. He also worked at CLC Group, serving as CTO. Benligiray has previously written posts highlighting the merits of ChainAPI, which serves as the integration platform for API3. This has been described as the “spiritual successor” to Honeycomb, which was one of the innovations that had been pursued by CLC Group.

And last but by no means least, the third co-founder at API3 is Saša Milić. As well as serving as a sessional lecturer at the University of Toronto, where she taught core curriculum courses to computer science students, she’s also worked as a software engineer for Facebook, and as a simulation data scientist for Gauntlet.

What Makes API3 Unique?

In the world of blockchain and crypto, we all too often hear about projects that are aiming to bring this technology to established industries such as real estate and finance. One of the most compelling attributes of API3 is how it’s aiming to fix some of the problems that have emerged within the blockchain space itself.

APIs are crucial because of how they supply blockchains with off-chain data — without it, these decentralized ledgers wouldn’t have a clue about how much coins should be worth.

In setting out why API3 is unique, Vanttinen explained how decentralized APIs can “provide superior data transparency all the way to the factual data source level, compared to existing decentralized oracles, which do not consider the data source API to be within the scope of their solution.”

Light and robust middleware called Airnode has been created to make API3 a reality — and the distinctive qualities of this tool concern how it can be deployed in minutes, enhancing transparency and substantially reducing transaction fees in the process.

Related Pages:

Read about Chainlink, one of API3’s main competitors.

Learn about how oracles work in this tech deep dive.

Discover the definitions of APIs and smart contracts in our glossary.

Subscribe to the CoinMarketCap newsletter.

How Many API3 (API3) Coins Are There in Circulation?

As of January 2020, CoinMarketCap data suggests that there are 13,847,549 API3 in circulation — out of a maximum supply of 100 million tokens.

While 15 million tokens have been distributed among pre-seed and seed investors, a further 20 million tokens were reserved for a public token distribution event that took place over the first two weeks of December. The founding team was allocated 30 million tokens, with 10 million going to partners and contributors. And finally, 25 million went to an ecosystem fund.

Tokens sold during a public sale are unlocked, but seed investors and founders are subject to a vesting period of between two and three years.

How Is the API3 Network Secured?

API3 is an ERC-20 token, meaning that it’s based on the Ethereum blockchain.

Timeline

November 12, 2020
API3 raises a $3,000,000 seed round from Accomplice, CoinFund, Digital Currency Group, Hashed, Pantera Capital and Placeholder.

Funding rounds

Patents

Further Resources

Title
Author
Link
Type
Date

Announcing API3's partnership with Bridge Mutual - API3 - Medium

API3

Web

March 16, 2021

...

News

Title
Author
Date
Publisher
Description
Omar Faridi
June 20, 2021
Crowdfund Insider
Digital asset firm Gemini adds DeFi, infrastructure, data management crypto tokens: ALCX, ANKR, FTM, MIR, API3, DDX.

References

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